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Saturday, August 31, 2013

If something happens while you are alive, that makes it
impossible for you to handle your financial affairs, sign legal
documents or communicate your wishes to others, you could have trouble
in many ways. Without a properly executed Power of Attorney, your family
may need to get a court order just to handle your affairs. These can
cost plenty and waste months of time.

Even though a power of
attorney is a relatively simple document and is readily available from
many sources, I am still amazed at how many families and individuals do
not have one in force. Follow these simple guidelines and make sure that
you are protected should anything ever happen that would cause you to
need one.

Seven Factors To Consider:

1. Your Agents:
One of the most important decisions with a power of attorney is your
selection of agents. Will you use a single agent or appoint co-agents?
Who will be your successor agent(s) if someone is unable or unwilling to
fulfill their duties? These are the questions you need to answer before
you are ready. Your agent(s) should be organized, good with numbers and
possess great common sense.

2. Access Medical Records:
Will you allow your agents to have access to your medical records? They
may need this information to keep track of, or to dispute medical
bills. But if you want or do not want them to have access to this
information, you will need to specify inside your power of attorney.

3. General or Specific Powers:
Will your power of attorney provide your agent with broad general
powers or very specific powers? You can decide on either, but the more
specific you get, the more limited the powers your agent will be
allowed. Most people will choose to provide a general power that will
include handling most financial, business and personal matters.

4. Beneficiary Changes:
You can empower your agents with the ability to change your
beneficiaries if you would like, but this can be a risky proposition. In
most instances, you will not allow for this provision. You can also
provide for the power to refuse potential inheritances. I think this can
be helpful in situations where, if someone passes and is leaving you an
inheritance, but you refuse it (or are deceased), it would go directly
to your children instead.

5. Effective Dates: When
will your power of attorney take effect? When will it terminate? You
can have it take effect immediately upon execution, you can have it take
effect upon the certification of some medical condition or you can
specify a certain time period. You might use this if you were going to
be out of the country for 3 months or in a rehabilitation program for
certain length of time. All powers of attorney terminate immediately
upon the death of the individual, but you can set other dates or events
as previously outlined.

6. Hire Professionals:
Will your agent have the power to hire professionals such as
accountants, financial advisers, lawyers, etc? If you want them to be
able to handle these on your behalf, you have to specifically allow them
by including this power within your document. If not, you may want to
specify who you are already working with and require their services if
needed.

7. Receive Compensation: Will your agent
be allowed to receive reasonable compensation for time and efforts spent
acting as your agent? Will they also be allowed to receive
reimbursement for any expenses that they incur while acting on your
behalf? In most cases you should allow both of these. Taking care of
someone's affairs can be time-consuming and there should be reasonable
remuneration for these services. While you can specify either way, your
agents may be unwilling to participate without it and this could cause
bigger problem down the road.

Summary: Having a
power of attorney drafted is a fairly simple and inexpensive process.
You can hire an attorney, use online legal services or purchase a legal
software package to assist you with the preparation. It is very
important to follow the execution and filing recommendations for your
state and county. Having proper witnesses and notarization of all
signatures is a great safeguard for any legal documents, so make sure to
get them done right.

To discover additional estate, financial and income tax strategies, check out my blog or download your FREE Wealth Expansion Kit by clicking here.
The first step to creating wealth is knowing where you are and then
charting a path that will enhance your financial strengths and correct
your weaknesses.

Keith Maderer is a financial expert and has been a investment and
tax adviser in the Western New York area for over 30 years. He is the
owner of SENIOR Financial and Tax Associates and the founder of the
Maderer Foundation, a private scholarship program.Keith is also the author of "How To Get Your College Education For Less". Available on Amazon.com - ISBN No: 978-1-4538-2053-7.You can get your FREE Wealth Expansion Kit, or check out his blog by visiting http://www.sftaweb.com

Friday, August 30, 2013

You may have tried to forget about that time when you and your
friends had a little too much fun on the spring break of '97 or forced
yourself to believe that "what happens in Vegas stays in Vegas".
Although that breaking and entering incident happened way back when you
were a college sophomore and that you got away with that little Vegas
fiasco with just a month-long community service sanction, these can all
go on your permanent record and can appear in background checks. For
more grave crimes, it can even affect your chances of getting a
reputable job or a loan from a bank.

Therefore, expunging or
erasing your criminal records can reap a multitude of benefits other
than just clearing up your conscience. It may be a lengthy process and a
number of errors may come up but it will definitely be worth it. With
that taken into account, here are some tips on how to get your criminal
record expunged

Find out if your record can be dropped.

Most felonies and some serious misdemeanors can't be dropped off
your permanent record. Offenses against children, sexual and violent
crimes can't be erased. It's worth finding out if your criminal act can
be expunged in the first place rather than going through all the
processes only to find out it was all for nothing.

Give the judge a reason to allow the expungement.

Certain violations, even seemingly minor ones, can result in a loss
of someone's rights. For example a person charged with a DUI may have
his license revoked. In majority of cases, the offender may have to
defend himself in front of a judge, even if it doesn't involve getting a
right back. You need to make a good case for yourself to convince the
judge because ultimately he decides whether you deserve a clean slate or
not.

Show the judge how you can benefit from a clean record.

When convincing a judge, the best defense is to show how much you
and others can benefit from the expungement. For example, if you have
been stripped of your right to leave the country, explain how you have a
family member in need of your attention abroad or something like that.
Make sure your reason is convincing while still being truthful.

Begin the process early.

For most cases it can take four months to a year with a lot of
waiting in between to clear your record, depending on the state you live
in and the severity of the crime. Start by finding yourself a reputable
lawyer and working on your paperwork early on to prevent any additional
delays.

Be mindful of pretend lawyers and scams.

An attorney is not necessary to file for a record expungement.
However, getting legal advice from someone knowledgeable in the whole
process is a huge plus in getting your records cleared. Just be smart
about the whole thing and be mindful of scammers who falsely guarantee
you of a quicker process and certain expungement all for a steep price.

Thursday, August 29, 2013

Probate is the legal process that settles the property of the
deceased person and tells how it should be equally distributed among the
heirs and beneficiaries in case there is no will. The rules and
regulations of probate vary form state to state and each state can have a
different procedure and hearing process for probate. Some general
guidance might be similar in most states but it is always advised to
take help of a legal advisor in case you need to understand the probate
process in your locality. Moreover you should understand that every
probate case is different depending on the amount of money involved in
it. The different property, debts and people involved in it make the
whole case different from one other. There is no way that the rules and
results of one probate case can apply to other case. Normally people
have a view point that probate can be an ugly scene but the fact is that
it can be easy if all parties involved in it work together for a
positive outcome and preserve the memory of the deceased person.

In
most cases, the property of the deceased person is transferred to his
spouse if the person has not made any will before his expiry but in some
conditions due to the parties' involved the property cannot be
transferred to the spouse directly. The probate court which hears the
matter of probate cases will get involved if there any issues relating
to the property of the deceased person. The case has to go through a
legal framework and the final order of the court has to be addressed by
each person involved in the case. Now, since every state has different
law regarding the probate so the hearings of the case in the court can
be different in each state.

If the deceased person has a will and
has named a representative,all the assets will be handled by this person
unless the judge deems this person unfit, etc.If there is no
representative named in the will then the court appoints a
representative who handles the property unless the decision is made. The
appointed representative is called the administrator and has sole
responsibility of handling the property.

The Probate Process

In the initial phase the administrator
opens the case in the court. During this period he evaluates the
property and collects all the property of the deceased person. Few items
which come under contract of the deceased person are not held in
probate and they pass automatically to the beneficiary. Any bank
accounts or other things which has the clause of "payable on death" are
transferred to the person named in the contract. Only those limited
property that have no clear beneficiaries are accountable for probate
process. After accumulating all the property, the administrator sends a
legal notice to all parties involved in the case and pays all the debts
and claims which remain outstanding on the deceased name. Then the
administrator distributes the remaining property to the beneficiaries of
the decedent as instructed in the court's verdict.

If there are
any disputes during the process then the court hearing decided upon the
matter and the final verdict has to be agreed upon by every parties
involved in the probate process. Anyone can file the claim on the
property and if the court declines the claim then the opponent can file
lawsuit to claim the property. If the lawsuit is made then court has to
take the case more formally and this is when major problems occur during
the probate process.

Normally, probate process take a longer time
and if the amount involved is huge then the process can be more
problematic. But if all the parties involved work together to make a
positive solution then probate process can be competed easily and the
property is distributed equally among the heirs or beneficiaries.

Wednesday, August 28, 2013

Running an LLC business is not a bed of roses. You have to stay
on top of things. Aside from hands-on management, you also have to look
outward into what your customers want. You have to be proactive in the
way your products are designed or formulated. This is the only way
through which you can stay in business. In managing your operations,
keep the following in mind:

- Be committed

An LLC
business is bound to fail if its owner is not committed enough to its
business goals. This is one of the most common reasons why people with
LLC businesses close shop. Successful entrepreneurs are committed to
their business goals and have a clear plan on how they can make their
goals possible.

- Be frugal

Having your own business is
not an excuse to splurge on yourself because you expect a sizeable
profit at the end of the month. That is still tentative. Revenues
earned by an LLC business should be managed and spent wisely. Be frugal
in your spending and limit your allocation only to those matters that
are deemed important in running the company.

- Set goals

You
cannot simply set-up your LLC business without having a goal in mind.
This should be as detailed as how you envision your company to be in the
next five years. Or perhaps you could set a target revenue within a
reasonable period of time. You can measure your performance based on
how near or far you are from achieving your goal. The way you spend
your budget will have to depend on what your goals are. When you have a
clear goal in mind, you are less likely to splurge your revenues as you
earn them. Every expense item or spending requirement should be
aligned with your business goals.

- Learn to manage risks

Being
in business is risky, not just but everywhere at any time of the year.
The only way to survive in the business world is to learn to manage
these risks. Identifying and analyzing risks beforehand is a good
exercise to help you prepare for these risks. Effective risk management
comes with foresight and early preparation. When contingency plans are
in place, these risks can become more manageable.

While running
an LLC business is not exactly that easy, having the right mindset and
being prepared for any eventualities allow business owners to be on
their feet so that they can spot opportunities and manage the risks more
effectively.

Tuesday, August 27, 2013

Establishing power of attorney privileges is an essential element
of estate planning. POA authorizes another person to make decisions
related to finances and healthcare for someone else in the event they
are unable to make decisions on their own.

Before bestowing power
of attorney privileges it is crucial to understand how the process works
and the rights the person will be given. The person appointed to this
position ought to be capable of making difficult decisions that might go
against what other family members want.

Individuals who are
granted authority to make decisions must be at least 18 years of age.
It's important to choose a person who will remain true to decisions
pertaining to medical and financial transactions.

There are five
different types of power of attorney rights and responsibilities differ
based on powers authorized. Each consists of two individuals that
include the 'Principal' and 'Attorney-in-Fact.' The Principal is the
person that sets up the contract and the attorney-in-fact is the person
who carries out the duties on their behalf.

Durable Power of
Attorney is the most common type of contract. This legal document
authorizes the attorney-in-fact to make financial and medical decisions
based on directives provided by the Principal. Powers remain in effect
until the Principal dies or until powers are revoked.

The next
most common document is the Non-Durable Power of Attorney which
authorizes the attorney-in-fact to make decisions for specific types of
transactions. Non-durable POA is generally used when the Principal must
undergo surgery or some type of medical treatment that might prevent
them from being able to make decisions. Powers are granted for a
specific transaction and expire once the transaction is completed.

A
Limited Power of Attorney is typically used to grant authorization to
the attorney-in-fact to sell or transfer real estate owned by the
Principal. This document revokes privileges when the transaction is
completed.

A Healthcare Power of Attorney is needed to authorize a
person to make medical decisions on behalf of the Principal It is
vital to discuss the types of medical procedures wanted or not wanted
with the person who will be in charge of making decisions to ensure they
will abide by your desires.

People often feel uncomfortable
discussing these topics, but it's best to openly talk about what kind of
treatments should be given or avoided if the unthinkable happens. If a
person is adamant about not being placed on life support if declared
brain dead, they need to make their decisions known in a healthcare POA.
Otherwise, medical personnel must abide by state laws and provide life
saving treatment.

A Springing Power of Attorney is required to
authorize release of medical records and information. The
attorney-in-fact is required to obtain court authorization before they
can make decisions on behalf of the Principal.

It's recommended to
talk with a lawyer before drafting Power of Attorney documents. Lawyers
can advise which document is best suited for the situation and help
Principal's select an appropriate attorney-in-fact to carry out required
duties.

Simon Volkov is a real estate investor and probate liquidator who
shares an extensive estate planning and probate article library. Topics
include establishing power of attorney privileges, how to write a will, and strategies to avoid probate. Learn more estate planning strategies by visiting www.SimonVolkov.com.

Friday, August 23, 2013

A power-of-attorney (POA) is a legal document or instrument which
allows one person to have the legal right to take actions and/or make
decisions on another person's behalf. With a broad power-of-attorney,
the recipient is able to legally do virtually anything that the issuer
could have done him- or herself. As such, a POA can be a very powerful
device in both daily, transactional, and probate application.

Power-of-Attorney Basics

A
power-of-attorney document is issued (or "executed") by a person called
the Principal. This is the person who intends to delegate certain
rights and responsibilities to another person, or to have that person
act on his or her behalf. The person to whom rights and responsibilities
are delegated is called the Agent or Attorney-in-fact. Depending on the
terms of the POA, the Agent may be given the power to:

- Undertake litigation or deal with legal matters on the Principal's behalf

- Take other legal, financial, or property-related actions or decisions

It
is important to remember that, although a POA gives great power to an
Agent, the Principal is still in control of his or her own affairs, and
can make decisions regardless of whether he has issued a
power-of-attorney. For example, a power-of-attorney can be revoked at
any time by the Principal for any reason. Certain types of POA may also
become invalidated upon the Principal's death or incapacitation (i.e.,
if the Principal becomes mentally incompetent to make sound decisions).

Types of Power-of-Attorney

Powers-of-attorney are generally divided into three main categories: durable, non-durable, and springing.

Non-durable powers-of-attorney are POAs which take effect immediately and will become invalid, should the Principal die or become mentally incompetent.

Durable powers-of-attorney
are POAs which take effect immediately but remain valid even if the
Principal becomes mentally incompetent and last until the Principal
dies.

Springing powers-of-attorney are POAs which are designed to take effect upon the occurrence of a certain event, such as the principal's death.

Choosing an Agent

Choosing
the right Agent is a key step in drafting a power-of-attorney. An
untrustworthy agent can destroy your finances, relationships, and legal
standing with the powers that you delegate to them. Furthermore, it is
usually up to the Principal or people close to him/her to monitor the
actions of the Agent. Keeping accurate records can help catch evidence
of abuse before too much damage is done.

Wednesday, August 21, 2013

When you and your spouse are seriously considering divorce,
you'll find that there are several options for dissolution of marriage
for you to consider, depending on your situation. In many states the two
most common types of divorce are contested and uncontested.

Uncontested

In
an uncontested divorce, both parties are able to work out the divorce
terms without any input from the court. More divorcing couples prefer an
uncontested divorce simply because it is generally less stressful and
is less complicated compared to getting a contested divorce.

Of
course, not all couples may benefit from an uncontested divorce. Couples
who are in conflict with one another may have difficulty agreeing to
common decisions brought about by a divorce, such as child custody,
child support, spousal support, visitation, and division of assets.

An
uncontested divorce usually involved drawing up a separation agreement
mutually agreed upon by the divorcing parties, filing for dissolution of
marriage, and attending a hearing. This entire legal process can take
less than two months.

In some situations, however, an uncontested
divorce does not go as planned and thus transitions to a contested
divorce. Should this occur, then the services of a capable and
experienced divorce attorney may be needed to ensure that your rights
are protected at all times.

Contested

A
contested divorce, on the other hand, is a type of divorce where both
parties are unable to reach an agreement when it comes to all essential
divorce terms. Contested is significantly more stressful and complicated
compared to uncontested or mediated divorces, and could take several
months or even years to resolve.

In a contested divorce, a court
judge resolves the case if both parties are unable to resolve all
contested points before the scheduled trial date. The judge bases the
decision on the facts of the divorce case, including marital documents,
records, and testimonies. Common parties who testify at the trial
include you and your spouse, as well as witnesses who are testifying on
your and your spouse's behalf.

Contested divorces usually always
require the hiring of a family lawyer. It is always advisable to seek
the counsel of an experienced lawyer in your area if you think your
divorce will require going to trial. It's actually advisable to at the
very least have a consultation with a family law attorney whether your
divorce is contested or uncontested just to make sure your rights are
protected.

If you have questions regarding Florida divorce laws
or other Florida family law matters and you live in (or the
jurisdiction of your divorce) is in the Tampa Bay Area, contact Denmon
& Denmon Law at (813) 554-3232 to schedule a consultation or visit our website.

Tuesday, August 20, 2013

Without a comprehensive power of attorney (POA), many people are
unable to handle the financial affairs of their loved ones, nor make
health care decisions without court intervention (conservatorship and
guardianship). Unfortunately, it continues to be our experience that
many people, including financial advisors, accountants and even some
attorneys do not understand exactly what one is and why it is so
important to have one. Clients often come into our office assuming that,
just because they are married or are a joint owner of assets, they are
able to sell or transfer assets. In fact, a current client is unable to
sell his mother's home because she never signed a durable power of
attorney.

A power of attorney is a legal document where one person
(the principal) authorizes another (the agent) to act on their behalf.
There are durable powers of attorney which authorize your agent to make
decisions for you regarding financial matters and healthcare powers of
attorney which permit your agent to make decisions regarding your
healthcare needs.

Yours can be broad in scope, giving your agent
the ability to make any and all financial decisions for you (a General
Durable POA) or you can limit your agents authority by specifying the
types of financial decisions you will permit them to make (a Limited
Durable POA). You may also prefer to give your agent the immediate
authority to make decisions on your behalf (a Durable POA) or you can
limit your agents authority to act only when you become incompetent (a
Springing POA).

What is a Guardianship and Conservatorship?

Guardianship
is a legal relationship where the court gives a person (the guardian)
authority to make personal decisions (medical, housing, etc.) for
another (the ward). A proceeding is initiated by filing a petition in
the probate court. A written statement by a doctor may be necessary to
establish the ward's incapacity. The court then determines whether a
guardian is needed due to the ward lacking the necessary mental capacity
to make personal decisions. Unless limited by the court, the guardian
has the same rights as parents have over their minor children. The
guardian is required to report annually to the court regarding the
condition of the ward.

A conservator is a legal relationship
whereby the probate court gives a person (the conservator) the power to
make financial decisions for another. The court proceedings are similar
to those of a guardianship except the court is determining whether the
person has the capacity to manage his or her financial affairs. A
conservator is also required to file an annual accounting documenting
(with verification) all of the income and expenses incurred each year. A
surety bond (an insurance policy) is often required by the court to
protect against the conservator engaging in any improper use of the
person's assets.

A power of attorney is nearly always preferred
over a guardian or conservator. It does not cost nearly as much and it
allows you to choose who will be your agent. If you do not have a power
attorney and you suffer a stroke or debilitating disease, your loved
ones will likely have to face expensive and time consuming court
proceedings to handle your affairs.

Brett Howell, the founder of the Elder and Estate Planning Law
Firm, specializes in helping Michigan families protect their estates.
Contact our office for a confidential consultation to discuss your
concerns with Brett - you will be glad (and relieved) you did. Contact
Brett by calling the Elder and Estate Planning Law Firm at (810)
953-3846 or visit his website http://www.michiganelderlawyer.com for more information.

Sunday, August 18, 2013

Establishing the extent of, and limitations to, the agent's power
is essential to a successful relationship between the two parties. An
agent can be anyone the principal trusts (who is typically 18 years old
or older) to carry on the principal's important matters, which may
include financial, personal tax, and real estate matters. The letter of
attorney may identify alternative agents if the named agent dies,
becomes legally disabled, resigns, or refuses to act on behalf of the
principal. A letter of attorney sets the standard for the amount of
authority that the agent will have. It should be very specific about
what powers are being granted and what limitations are placed on these
powers.

With a durable letter of attorney, the document typically
states that the transfer of power is effective immediately or when the
principal is unable to coherently make decisions on his/her own due to
some disability or incapacity. If the durable letter of attorney is to
become effective when the principal becomes disabled or incapacitated,
the definition of "disability" and "incapacity" should be included in
the power of attorney, along with a method of showing the existence of a
disability or incapacity. This helps the agent and third parties know
when the powers pass to the agent. This is important because some third
parties may be cautious about recognizing the agent's power to act on
behalf of the principal. A statutory power of attorney, simply tracks
the language from the State's letter of attorney statute. To make a
legally binding, it must comply with all state laws, and should be
signed, dated and notarized by the principal.

Medical power of attorney
assigns an agent to make health care decisions for the principal when a
physician certifies in writing that the principal is no longer able to
make these important decisions. For example, a person is unable to make
health care decisions while in a severe coma. Despite the significant
grant of power, an agent is obligated to follow the principal's
instructions when making decisions on his/her behalf and the principal
may revoke the authority granted to the Agent. Two witnesses must be
present for the signing of the written medical power of attorney, and
there are limitations on who may serve as witnesses.

The letter of
attorney is a valuable tool that can provide the principal with the
peace-of-mind that his/her affairs will be taken care of. If you would
like to know more about durable, statutory and medical power of
attorney, consult with a trusted legal professional.

Deke Foxhoven works to provide consultation on a variety of legal
affairs. Foxhoven is an experienced and friendly Austin lawyer, and he
can provide legal services pertaining to estate planning,business law
and family law. Foxhoven builds relationships with his clients; listens
to their goals, needs and concerns; and develops a plan to help them,
their businesses, and/or their families flourish. Call his office at
(512) 333-2004 for no charge to discuss your situation.

Saturday, August 17, 2013

If you are convicted of DUI, you may want to expunge your DUI
record in order to get a job, loan, house, etc. Expungement refers to
the process of removing or erasing your DUI records. You are required to
petition the court in order to get your records expunged. This article
discusses steps to clear your DUI record by covering the whole process
from petitioning to obtaining expungement. Each state's expungement laws
vary; therefore, this article gives you a basic idea on the process.

DUI expungement process:

1. Where to file a petition for expungement?

You need to file a petition for expungement in the superior court in the county where your DUI arrest occurred.

2. What are the grounds for denial of expungement?

You can be denied for expungement:

- if you haven't completed probation.
- if you didn't show a good reason to expunge your DUI record.
- if you are convicted of severe felony.
- if a great deal of time has passed since your arrest or conviction.

3. What are the grounds for acceptance of expungement?

You are allowed to expunge:

- if this is the only conviction on your record.
- if you didn't spend any time in state prison.
- if you have rehabilitated yourself.

4. How to file for an expungement?

- Do you need a lawyer?

You
don't necessarily need a lawyer for expunging your records. It's just
that this process involves a lot of paperwork and if you have a lawyer
by your side, he can give you advice regarding that. If you don't wish
to hire a lawyer, you should learn all the procedures that are required
to get this process done.

- How long does it take?

The entire expungement process could take anywhere from 4 to 6 months.

- What is the filing fee?

The filing fee may vary from $50 to $400 depending on your case and your state.

- What forms do you need to fill and where to get them?

You
need to go to your county courthouse and ask the clerk for the
expungement forms. As mentioned above the forms may cost around $50 to
$400. The clerk may give you the following forms: 1. Expungement
petition, 2. Affidavit or proof of service form.

5. What happens after you file the petition for expungement?

After
you file the petition for expungement, a copy will be sent to all
agencies that have your records like arresting agency, the county
attorney, the city police department etc. They may accept or refuse your
request. If they accept, the court will grant your petition without
hearing. If they refuse, a hearing will be held and you are required to
attend. (This law can vary from state to state). You will be notified of
hearing date through the mail. In some states, though, the court sets
the hearing date, while in others you have to pick the date. You must
ask your clerk beforehand regarding how your state's county court
hearing date is set.

6. The Court hearing and decision:

Your
petition for expungement may or may not be granted. If you won the
expungement hearing, you must check after 60 days to see for yourself
whether your records show up during a criminal record check. The 60 days
period is when the court orders all the agencies to seal your record.
However, if you lose your hearing, you may need to ask for an
expungement once again.

Expunge your DUI record "completely" with the help of DUI Process
Manual. It offers little-known strategies to clear your DUI record
completely and pass employment background checks in a step-by-step
approach. Especially, this strategy is helpful if your state (US) does
not allow formal expungement. Visit my site for free DUI strategies
report and DUI Process Manual review and take action to clear DUI record
[http://www.dui-process.org/dui-process-manual-review/].

Friday, August 16, 2013

Expungement is not the same thing as sealing. The terms are very close in meaning with subtle differences. However, an expungement means that the criminal record is erased as if they crime never happened. Sealing simply hides the record and make it no longer public information. This is important because each state has different laws that apply to each of these terms.

Thursday, August 15, 2013

Your Last Will and Testament is your only chance to decide what
happens to your estate assets upon your death. It is the cornerstone of
your estate plan -- the document from which all other estate planning
tools flow. Once you have taken the time and effort to create your Will,
don't make the mistake of failing to update it when necessary. Some
reasons that a Will needs to be updated are obvious; however, consider
the following, not so obvious, reasons as well when deciding if it's
time to take another look at your Will.

Death: People think to
update a Will when a parent, spouse or child dies, but the death of the
person named as executor or guardian of your minor children can also
prompt a review of your Will. The death of a business partner or even an
in-law may also warrant a Will update.

Marriage or Divorce:
Clearly, your own marriage or divorce calls for a revision of your Will;
however, other marriages or divorces may also necessitate a change. The
marriage or divorce of a parent, child or guardian, for example, can
call for a review of your Will.

Birth: Although it is easy to rely
on a generic term, such as "issue", to cover all of your children or
grandchildren, it may be preferable to name each beneficiary by name in
your Will to avoid any possible future confusion. As such, take the time
to update your Will when there is a birth in the family.

Beneficiary
Reaches the Age of Majority: Minors cannot inherit directly in your
Will. As such, you likely named a trustee for any minor children when
you made your Will. If a child has reached the age of majority, you will
need to remove the trustee and provide for the direct transfer of those
assets to the beneficiary in your Will.

Change in Assets:
Although you may have a general provision in your Will for any asset not
specifically named, if you acquire an asset worth a significant amount
of money, or sell one, you may need to update your Will to address that
asset for clarification.

Change in Location: In the confusion of a
move, people typically don't think of how residency can affect a Will.
State laws, however, can directly impact provisions in your Will,
warranting a review and possible revision.

Change in State or
Federal Laws: Laws change on a regular basis. Federal tax laws, for
example, seem to continuously change. A significant change in either a
state or federal law can result in the need to make a corresponding
change to your Will.

You Reach the Age of Required Distributions:
IRAs and 401(k)s typically require you to start taking distributions
around the age of retirement. If you have significant funds in one of
these accounts, the required distributions can change your asset
structure enough to warrant a Will update.

Change in Guardian:
This is a big, yet often forgotten, reason to update your Will.
Regardless of the reason why you wish to change the named guardian for
your minor children, if you wish to do so you must make it official by
revising your Will.

Wednesday, August 14, 2013

California estate planning is essential for residents of the
Golden State. Basic strategies should encompass executing a last will
and testament; establishing a healthcare proxy; and designating power of
attorney rights. Dependent on estate value, establishing a trust can
further protect inheritance assets.

California estate planning
strategies must comply with state and federal laws. California has some
of the most complex probate laws in the country, so it is best to work
with a qualified estate planner or probate attorney.

Probate is
used within the US to settle estates that are not protected by a trust.
The process varies depending on if decedents engaged in estate planning
procedures prior to death. When individuals die without leaving a Will,
the estate settlement process requires additional time and exposes the
estate to a higher level of creditor claims or the potential for heirs
to contest the Will.

The last will and testament provides
directive as to how estate assets should be distributed. It is also used
to appoint a personal representative charged with duties required to
complete estate settlement process. Without these written directives,
the estate must be settled according to California probate code.

The
timeliness of estate settlement depends on various factors. One of the
most prevalent is estate value. In the state of California, estates
appraised with values of less than $100,000 are usually exempt from
probate if a legal Will has been executed and filed through court.

The
estate must undergo a 40-day waiting period to avoid probate.
Afterward, the personal representative must present a legal affidavit to
the court before distributing inheritance gifts to designated
beneficiaries.

When decedents do not leave a Will the estate is
required to undergo a probate proceeding to determine rightful heirs.
This is particularly important to understand if California residents do
not want to bequeath gifts to direct lineage relatives. In order to
disinherit relatives the Will must include a disinheritance clause which
states the reason why heirs are not entitled to estate assets.

The
purpose of including the disinheritance statement is to minimize risks
of heirs contesting the Will. It is not uncommon for disinherited
relatives to claim the decedent was under the influence of another
person or was of unsound mind.

Contesting a Will can freeze assets
in probate for months on end. This act can force personal
representatives to sell inheritance assets to cover legal expenses.
Defense fees can easily bankrupt small estates and leave nothing for
designated beneficiaries.

In addition to protecting assets,
California estate planning is the most effective strategy for
establishing healthcare proxies. This document allows individuals to
document the type of medical treatment they do or do not want to have if
they are incapable of making decisions due to illness or injury.
Healthcare proxies include 'Do Not Resuscitate' (DNR) orders, as well as
providing directives regarding life support and delivery of nutritional
intravenous feedings.

Estate planning is also used to grant Power
of Attorney rights. POA is an important decision that should not be
taken lightly. The person granted with POA powers should be someone who
can be trusted to make smart financial decisions, and make difficult
decisions on your behalf if you become incapacitated.

Establishing
California estate planning strategies is one of the best gifts to leave
loved ones. Without written directives, decisions surrounding your
estate will be left to the courts and chances are they won't be what you
would have wanted. Additionally, putting affairs in order can reduce
family discord and allow for efficient distribution of inheritance
gifts.

Simon Volkov is a California probate liquidator and real estate
investor who specializes in buying and selling probate properties. He
shares insights about California estate planning and shares resources for learning how to avoid probate and protect inheritance assets at www.SimonVolkov.com.

Tuesday, August 13, 2013

A Living will, quite often you must have come across this term.
But how many of us know its usage, its importance, advantages and
disadvantages? There are many articles written on this topic. One can go
and find out information from various sources. This article mostly
features the important factors of living will, the basic idea behind its
making as well as its advantages and disadvantages.

As the name
says "living will", from its name it suggests that it has got something
to do with legal document. Yes, a living-will is a document in which an
individual writes about his/her medical wishes and desires. This
document is converted into a legal document and is used during the time
when an individual will no longer be able to take any decision due to
incapacity or illness. In other words, this term is explained as advance
health care directive, advance directives or advance decision.

An
individual who has made such kind of advance directives, appoints a
person so that he can take any decisions on their behalf. This kind of
will is an oldest form of "leaving instructions for medical treatment".
In today's world, concept of making such kind medical wish or desire on a
legal document is quite encouraged. This legal document is benefited
while giving comprehensive guidance regarding an individual's care.

Writing
a living will has to be very specific. Therefore, in some cases it
restricts the use of various kinds of burdensome treatment. Individual
can also express their wishes on how his food and water will be
supplied, either via medical devices or tubes. An individual can also be
more specific regarding the service that he expects with respect to
pain relief or analgesia, antibiotics, feeding, usage of ventilators or
antibiotics.

Disadvantages of advance directives:

•
Main disadvantage of an advance decision is; there is no statute in New
York governing such kind of living-wills. Advance will is valid as long
as it states specific and convincing evidence.
• Drafting out an
advance will is not an easy job. It requires specific instructions
regarding all possible events in future. It is impossible for one to
imagine what an individual would really want in the situations.
• In case an individual fails to make his advance will specific and clear, then there could be refusal of treatment.

Advantages of advance directives:

• The main advantage of living will is that it respects the human rights of a patient.
• Drafting an advance directive creates full discussion on medical treatment and services.
• It helps the medical professionals to decide what the patient wants.
• A patient's family or relatives will be free from taking difficult decisions.

Once
you decide to create such kind of legal document, you should not get
confused in between an advance directives and a trust. Role of a trust
is to handle the property/assets of an individual after his/her death.
Trust has got nothing to do with the medical care decisions. In response
to increasing improvement in the field of medicine, concept of an
advance directive was implemented.

Visit http://www.annuitycampus.com for more Annuity and Life Insurance Tips and Tricks.Call Robert Eldridge directly at 800-643-7544.Robert
Eldridge holds over a decade of experience as a multiline agent in
multiple states and currently serves on the membership council of the
National Association of Insurance and Financial Advisors

Monday, August 12, 2013

The deed to a property is a legal document that establishes
ownership. There are different types of deeds. Here is an overview of a
quit claim deed.

An Overview of a Quit Claim Deed

Quit claim
deeds are a form of deed used in the transfer or sale of property when a
grantor, a person who owns an interest in the property, is essentially
allowing the transfer of that property to another person. The grantors
do not actually own the property but rather simply have responsibility
over it. For this reason, grantors have the legal right to sell the
property but there is a catch.

The quit claim deed offers little
protection for buyers down the road. Although the property will be
transferred to the grantee from the grantor, the quit claim deed does
not legally protect the grantee from future claims to the property. The
grantor does not legally own the property and so that leaves a back door
open for potential future problems regarding the property.

Quit
claim deeds are often used in a couple situations due to their relative
simplicity compared to many of the other forms that have to be filed
during property transfer and/or sales. One, the quit claim deed is used
to clear up a title. And two, quit claim deeds are effective for those
who want to use a simplistic method for giving up their interests in a
certain property.

When used in a sale of a property, quit claim
deeds can result in significant risk to the buyers of the property.
However, quit claim deeds still have other uses that are very
beneficial. For instance, in the case where there are multiple people
who have claims to a home, such as when a relative passes away, a quit
claim deed is an effective way of one of these people to legally
transfer their interests in the home to another person. A divorce can
create a similar situation, making the quit claim deed very useful.

It
is important to be smart about which form of deed you will be using and
signing whether you are a seller or a buyer. Know what the potential
risks are and the protections that are being offered by the deed so as
to better be prepared.

Raynor James is with the site - FSBOAmerica.org - FSBO homes for sale by owner.

Sunday, August 11, 2013

The simplest way to ensure that your
funds, property and personal effects will be distributed after your
death according to your wishes is to prepare a will. A will is a legal
document designating the transfer of your property and assets after you
die. Usually, wills can be written by any person over the age of 18 who
is mentally capable, commonly stated as "being of sound mind and body."

WHO NEEDS A WILL?

Although
wills are simple to create, about half of all Americans die without one
(or Intestate). Without a will to indicate your wishes, the court
steps in and distributes your property according to the laws of your
state. Wills are not just for the rich; the amount of property you have
is irrelevant. A will ensures that what assets you do have will be given
to family members or other beneficiaries you designate. If you have no
apparent heirs and die without a will, it's even possible the state may
claim your estate.

Having a will is especially important if you
have young children because it gives you the opportunity to designate a
guardian for them in the event of your death. Without a will, the court
will appoint a guardian for your children who may be someone you do not
even know.

WHAT ARE THE ELEMENTS OF A WILL?

What you generally need to make a will:

1) Your name and place of residence;

2) Names and addresses of spouse, children and other beneficiaries, such as charities or friends;

3) Alternate beneficiaries, in the event a beneficiary dies before you do;

4) Name and address of an Executor/ Executrix to manage your estate;

5) Name and address of an alternative Executor/Executrix, in the event your first choice is unable or unwilling to act;

6) Name and address of a guardian for your minor children;

7) Name and address of an alternative guardian, in the event your first choice is unable or unwilling to act;

8) The age you wish your minor children to have control of their inheritance;

9) Any burial requests you may have (cremation, where you want to be buried, etc.);

10) Your signature;

11) Two Witnesses' signatures; and

12) Notarization.

Two
of the most important items included in your will are naming a guardian
for minor children and naming an Executor/ Executrix.

WHAT IS A GUARDIAN?

In
most cases, a surviving parent assumes the role of sole guardian.
However, it's important to name a guardian for minor children in your
will in case neither you nor your spouse is able and willing to act. The
guardian you choose should be over 18 and willing to assume the
responsibility. Talk to the person ahead of time about what you are
asking. You can name a couple as co-guardians, but that may not be
advisable. It's always possible the guardians may choose to go their
separate ways at some later date, and, if so, a custody battle could
ensue. If you do not name a guardian to care for your children, a judge
will appoint one, and it may not be someone you would have chosen.

WHAT IS A EXECUTOR/EXECUTRIX AND WHAT DO THEY DO?

An
Executor/Executrix is the person who oversees the distribution of your
assets in accordance with your will. Most people choose their spouse, an
adult child, a relative, or a friend to fulfill this duty.

If no
Executor/Executrix is named in a will, a Probate Judge will appoint one.
Probate refers to the legal procedure for the orderly distribution of
property in a person's estate. The Executor/Executrix files the will in
probate court, where a Judge decides if the will is valid. If it is
found to be valid, assets are distributed according to the will. If the
will is found to be invalid, assets are distributed in accordance with
state laws.

Responsibilities usually undertaken by an Executor/Executrix include:

--Paying valid creditors;

--Paying taxes;

--Notifying Social Security and other agencies and companies of your death;

--Canceling credit cards, magazine subscriptions, etc.; and

--Distributing assets according to the will.

WHAT ABOUT UPDATING MY WILL?

You'll
probably need to update your will several times during the course of
your life. For example, a change in marital status, the birth of a child
or a move to a new state should all prompt a review of your will. You
can update your will by amending it by way of a Codicil or by drawing up
a new one. Generally, people choose to issue a new will that supersedes
the old document. Be sure to destroy the old will after you sign a new
one.

WHAT ABOUT ESTATE TAXES?

The property included in your will may be subject to taxation. In planning your will, take into account the following:

---Federal
estate taxes will generally be due if the net taxable estate is worth
more than $1,000,000. This amount is scheduled to gradually increase
from $1,000,000 in 2002/2003 to $3,500,000 in 2009 so that it will
eventually shield $3,500,000 in gift or estate transfers from tax per
taxpayer. Estates in excess of the exempt amount can be taxed at a rate
from 37% to 50% (the top percentage is scheduled to gradually decrease
to 45% in 2009). Also, note that these estate tax changes are scheduled
to be repealed in 2010. If not extended, the tax law will revert to the
estate and gift tax provisions in affect in 2001. Consult a tax or
financial professional to determine a plan that is right for you and
your family.

---State death or inheritance taxes

---Federal income taxes

---State income taxes

You
may be able to minimize your estate tax by establishing a trust or
giving gifts during your lifetime. You can also cover the cost of estate
taxes by purchasing a life insurance policy intended to pay taxes. Talk
to your life insurance agent to find out more about how this works.

WHERE SHOULD I KEEP MY WILL?

Once
your will is written, store it in a safe place that is accessible to
others after your death. I suggest that you keep it in a fire proof box
that you can purchase at any office supply store. I do not suggest
that you keep your will in a safe deposit box because many states will
seal your safe deposit box upon your death. Make sure a close friend or
relative knows where to find your will.

WHAT IS A LIVING WILL?

A
living will is not a part of your will. It is a separate document that
lets your family members know what type of care you do or don't want to
receive should you become terminally ill or permanently unconscious. It
becomes effective only when you cannot express your wishes yourself.
Discuss your wishes as reflected in your living will with family
members, and be sure all your doctors have a signed copy.

WHAT IS A POWER OF ATTORNEY FOR HEALTH CARE (HEALTH CARE PROXY)?

A
power of attorney for health care (health care proxy) is not a part of
your will. It is a separate document that authorizes someone you name to
act in accordance with your medical intentions. It becomes effective
only when you cannot express your wishes yourself. You should make sure
that all your doctors have a signed copy.

WHAT IS A FINANCIAL DURABLE POWER OF ATTORNEY?

A
financial durable power of attorney is not a part of your will. It is a
separate document that authorizes someone you name to act in accordance
with your financial intentions. It becomes effective only when you
cannot express your wishes yourself. You should make sure that all your
financial professionals (stockbrokers, accountants, financial planners)
and banks have a signed copy.

PLAN AHEAD

The end of your
life is something you probably don't want to dwell on, but thinking
about what will happen to your loved ones and your assets and personal
possessions is important. Making sure you've done all you can to make
their lives easier will give you peace of mind. And once your will is
drafted, you won't have to think about it again unless something
significant in your life changes.

Sheri R. Abrams is an Attorney in Fairfax, VA. Her practice is
limited to the areas of Social Security Disability Law and the
preparation of wills, living wills, health and financial powers of
attorney. Ms. Abrams is a graduate of Boston University's School of
Management and the George Washington University School of Law. Ms.
Abrams is rated "AV" by Martindale-Hubbell. More information can be
found at http://www.sheriabrams.comsheri@sheriabrams.com

Thursday, August 8, 2013

Many people think a living will is not something they need unless
they reach senior citizen age. However, this could not be further from
the truth and you could end up seriously regretting not taking the time
to make one out. Life is unpredictable and often uncontrollable which is
enough reason for adults of any age to invest in a life will in order
to protect themselves when bad fortune arises. Below are five reasons
every adult should take the time to make out a living will no matter how
old they are.

1. Protects You When You No Longer Can Communicate

The
most advantageous part of having a living will is that it protects you
in a future situation in which you no longer can communicate your
wishes. If something was to happen the medical professionals in charge
of treating you have a big say in what happens to you once you are in a
state in which you cannot communicate what you want to be done.

2. Prevents Major Arguments Between Family Members

Having
a living will prevents major arguments between family members when the
decision is not up to the medical professionals in charge. The other
people that have a say in what happens to you are your family members.
If they disagree on what should be done with you it can cause
relationship ending arguments between members of your family. This is
the last thing you want happening during such a tough and difficult
time. With a living will it will be your choice and no one else's. This
will eliminate any argument or debate as to what should happen to you.

3. Gives You Control Over Medical Treatments/Procedures

A
living will also gives you control over what medical treatments and
procedures take place in a situation where you are ill to the point of
not being able to communicate. In this situation a living will orders
doctors to fulfill your wishes in writing. This way you take the
decision out of their hands.

4. Reduce Potentially Unwanted Medical Bills for Your Family

In
the situation that you get into an coma or vegetative state, a living
will decides exactly what is done with you. Many people would rather die
than live an additional 20 years on life-support. The reason being is
because if they are on life support it will rack up enormous medical
bills in which their family will have to pay. If you do not specify
this, then your family may be left paying insurmountable medical bills.
If you do not want to see something like this happen then you need a
living will that specifies exactly what you would like to happen in a
given situation.

5. Gives You Peace of Mind

Last
of all, making out a living will give you peace of mind. These are
designed to give you the control to prevent more bad things from
happening in tragic situations. Tragic situations are hard enough and
you want to know that your family as well as yourself will be taken care
of properly in such a situation.

The last thing you want to do is
be lazy and end up giving people outside of your family control over
what happens to you under bad circumstances. Get your living will made
today. It is so easy to put off but it is probably one of the best
decisions you can make.

About the Author Scott Gray is a writer and website
publisher who writes for Morely Levitt. Morley is a will and estate
lawyer. His office is located at 120-11181 Voyageur Way, Richmond, B.C.
Canada. If you are looking for information about a will in Ladner or Tsawwassen BC Canada, or other areas like Vancouver and Richmond British Columbia, be sure to give him a call at 604-270-9611.

Sunday, August 4, 2013

If you are looking for a simple, one-line answer to the question
above, YES, you do need a will and living trust to divide your assets to
your heirs, closest living family members, blood relatives, or whoever
you fancy! If you do not leave a will written, your assets might not
distributed the way you'd like, and the court will decide which of your
living members get access to your properties and liquid stock. Having a
will and living trust is thus, extremely important so that you are fully
in control of your assets after your death.

Why are Wills and Living Trusts Important?

Wills
and living trusts are the only way you can make sure your assets are
passed on the ones you are related to, with the distributions you deem
correct. Particularly, if you have small children, wills are great ways
to establish guardianship of minors and ensure that your kids get their
share of your assets and monetary accumulations left behind.

As
intestacy laws change from one state to another, you do not know who
gets how much access to your property if you do not leave a will behind.

The Difference Between a Will and a Trust

A
will is a document that allows you to fix which parts of your assets
are divided amongst your heirs and family in the event of death. After
you die, all the assets you own would be divided as per the instructions
in the will, and thus, you are solidly in control of your funds. The
court ensures that the rightful distribution of your funds takes place
after your death and there are no disputes.

A living trust is more
like a legal mechanism that makes sure you draft terms and conditions
for use of your assets and controls gifts and charities you are likely
to keep continuing after your death. Living trusts are simply known to
take care of your life insurance policies and other benefits and will
not take into account the complete accrued financial holdings and
amounts you have.

Thus, legally, you are recommended to have both
wills and trusts put up in the event of an untimely death thus, legally,
you are recommended to have both wills and trusts put up in the event
of an untimely death. There are provisions for you to change the will as
many times you'd want to. The last edition of the will you sign would
be considered valid during the time of your death.

Saturday, August 3, 2013

Advance medical directives are legal documents designed to
outline a person's wishes and preferences in regard to medical
treatments, interventions and other health care related issues. Policies
may vary from state to state, but regardless of location, advance
directives should always be included with each individual's personal
medical records.

Advanced directives typically fall into three categories:

Do
Not Resuscitate Order: This legal document, also known as DNR, is
extremely valuable for determining end-of-life issues. A DNR order,
however, is not legal until signed by the patient, a witness and a
physician. It should also be dated correctly and clearly state whether
the patient wants to be resuscitated or not if their heart stops
beating.

Living Will: This written document stipulates what kinds of medical
treatment the patient recommends should they become incapacitated. It
can be either general or very specific depending on the person and how
adamant they are about their end-of-life care issues. The usual items
outlined in a living will include: whether they wish to be on life
support, receive tube feedings, length of time (if any) that they will
stay on breathing machines, the individual that will make decisions on
their behalf, etc.

Durable Power of Attorney: This type of advance directive allows an
individual the opportunity to designate someone, or a number of
individuals, to act on their behalf for specific affairs. A durable
power of attorney, or DPOA, has the ability to make bank transactions,
sign social security checks, apply for disability, or even write checks
to pay utility bills while an individual is medically incapacitated.
Once the document is signed, the DPOA has legal priority even over next
of kin.

When Should a Directive be Created?

You
will see an advanced medical directive used for several different
situations-such as when someone is having a major surgery, diagnosed
with a life-threatening illness or is even becoming a single parent.
Advance medical directives are extremely beneficial if an individual is
unable to make his or her own medical decisions. Whatever the reason,
all advance medical directives should be signed by an attorney and be
notarized.

How to Obtain an Advance Medical Directive

Luckily,
there are many ways that someone can obtain an advance medical
directive. Many companies have booklets available, social workers and
nurses usually have them on hand, and hospitals and attorneys also have
copies of directives. It is worth the effort to ask for an advance
medical directive as it will be invaluable during a medical dilemma.

By
having previously documented personal wishes and preferences, the
burden of making tough decisions for family's and physicians' is
lessened. Not to mention, the patient's autonomy and dignity will more
likely be preserved by following their own choices regardless of mental
or physical capacity.

This article was written by Roger Brent Hatcher, an attorney at Smith, Gilliam, Williams & Miles, a leading Atlanta Law Firm since 1928.